Regulatory Alerts2018-03-31
PF Circular 83: Implementation of Financial Institutions Amendment Acts and Pension Fund Regulations
The Financial Services Board phases in compliance with the Financial Institutions Amendment Act 1992, the Financial Institutions Second Amendment Act 1993, and associated regulations for all privately administered and underwritten pension funds. The circular establishes April 1, 1994 as the initial compliance date for new fund registrations, exemption applications, and financial reporting schedules, while granting phased extensions for existing funds to meet specific regulatory requirements through 1997. It mandates updated financial statement formats, including revised auditor reports, enhanced trustee disclosures, and the formal replacement of the "Income Statement" with a "Revenue Account" to accurately reflect non-trading fund activities.